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Madison Company's perpetual inventory records indicate that $532,320 of merchandise should be on hand on October 31. The physical inventory indicates that $495,920 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended cctober 31. If an amount box does not require an entry, leave it blank. Oct. 31 tems :47 All work saved Email Instructor Submit Test for Grading